USD/CHF Price Analysis: Drops back towards 0.9340 support confluence

USD/CHF fades bounce off intraday low, stays down for the third consecutive day.
Seven-week-old horizontal area joins 50-SMA to highlight 0.9340 as the key support.
Fresh recovery will eye 2021 top, key Fibonacci retracements to add to the downside filters.
Bearish MACD signals, trend line break keep sellers hopeful.

Anil Panchal FXStreet

USD/CHF remains on the back foot around intraday bottom, down 0.08% on a day around 0.9360 heading into Friday’s European session.

In doing so, the Swiss currency (CHF) pair portrays a failure to keep the bounce off a short-term crucial support convergence, comprising tops marked during late January and 50-SMA.

Also favoring USD/CHF sellers is the downside break of the previous support line from March 06, as well as the bearish MACD signals.

That said, the latest declines eye 0.9340 re-test before directing the bears towards the 50% Fibonacci retracement (Fibo.) of February 21 to March 16 upside, near 0.9305.

Following that, the 61.8% Fibo level near 0.9270 may entertain the USD/CHF bears before directing them to the 0.9200 threshold.

Meanwhile, recovery moves remain elusive below the support-turned-resistance line, close to the 0.9400 round figure by the press time.

Following that, the monthly high and tops marked during the year 2021, respectively around 0.9460 and 0.9475 in that order, will lure the USD/CHF bulls.

USD/CHF: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9362
Today Daily Change	-0.0008
Today Daily Change %	-0.09%
Today daily open	0.937

Trends
Daily SMA20	0.9262
Daily SMA50	0.9232
Daily SMA100	0.922
Daily SMA200	0.9204

Levels
Previous Daily High	0.9431
Previous Daily Low	0.9336
Previous Weekly High	0.935
Previous Weekly Low	0.9166
Previous Monthly High	0.9297
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9372
Daily Fibonacci 61.8%	0.9395
Daily Pivot Point S1	0.9327
Daily Pivot Point S2	0.9284
Daily Pivot Point S3	0.9232
Daily Pivot Point R1	0.9421
Daily Pivot Point R2	0.9473
Daily Pivot Point R3	0.9516

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.